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The Company You Keep ® 1 Underwriting The Rich and Famous Greg Ferrara and John Brogna New York Life Underwriting January, 2012 Greg Ferrara and John Brogna.

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Presentation on theme: "The Company You Keep ® 1 Underwriting The Rich and Famous Greg Ferrara and John Brogna New York Life Underwriting January, 2012 Greg Ferrara and John Brogna."— Presentation transcript:

1 The Company You Keep ® 1 Underwriting The Rich and Famous Greg Ferrara and John Brogna New York Life Underwriting January, 2012 Greg Ferrara and John Brogna New York Life Underwriting January, 2012

2 Antitrust New York Life adheres to the letter and spirit of the antitrust laws. The information in this lecture is intended to advance the knowledge and improve the risk assessment skills of the participants. Under no circumstances shall this lecture be used as a forum for the pricing of specific products, determining how they are marketed, or for any other anticompetitive purpose. Copyright 2010 New York Life Insurance Company. All rights reserved. New York Life adheres to the letter and spirit of the antitrust laws. The information in this lecture is intended to advance the knowledge and improve the risk assessment skills of the participants. Under no circumstances shall this lecture be used as a forum for the pricing of specific products, determining how they are marketed, or for any other anticompetitive purpose. Copyright 2010 New York Life Insurance Company. All rights reserved. 2

3 Agenda Types of Rich and Famous Pros and Cons Studies Things to Consider Questions Types of Rich and Famous Pros and Cons Studies Things to Consider Questions 3

4 Types of Rich and Famous Athletes –Pros/High School/College/Retired Entertainers/Personalities –Actors –Musicians –Authors –Models –Artists –Dancers Humanitarians/Religious Leaders “Tops in Their Field” –Inventors/MDs/JDs/Scientists Socialites Athletes –Pros/High School/College/Retired Entertainers/Personalities –Actors –Musicians –Authors –Models –Artists –Dancers Humanitarians/Religious Leaders “Tops in Their Field” –Inventors/MDs/JDs/Scientists Socialites 4

5 Pros and Cons Pros –Money to afford quality health care –Personal Trainers  Excessive or improper exercise can be harmful –Media attention could be a curb to excesses in general –Contracts may include “risky behavior” clause Pros –Money to afford quality health care –Personal Trainers  Excessive or improper exercise can be harmful –Media attention could be a curb to excesses in general –Contracts may include “risky behavior” clause 5

6 Cons –Lifestyle Issues  Socio-economic  ETOH/Drug  Feeling of Invincibility  Adjustment to fame and fortune  Retirement –Travel Risks –Off Season Activities –Privatized Medical Care –Performance Enhancing Drug use  Stresses and pressures –Outside/Independent Factors  Paparazzi  Terrorist/criminal/stalking target –Lifestyle Issues  Socio-economic  ETOH/Drug  Feeling of Invincibility  Adjustment to fame and fortune  Retirement –Travel Risks –Off Season Activities –Privatized Medical Care –Performance Enhancing Drug use  Stresses and pressures –Outside/Independent Factors  Paparazzi  Terrorist/criminal/stalking target 6

7 1 st Mortality Study Journal of Science and Medicine in Sport 13 (2010) studies all male elite athletes – 1920 ~ 1965 Categorized athletes into 3 distinct groups –Endurance (aerobic) – long distance runners, cross country skiers –Mixed (aerobic & anaerobic) – soccer, ice hockey, basketball, track & field jumpers, short and middle distance runners and hurdlers –Power (mainly anaerobic) – weight lifters, wrestlers, boxers, track & field sprinters and throwers Journal of Science and Medicine in Sport 13 (2010) studies all male elite athletes – 1920 ~ 1965 Categorized athletes into 3 distinct groups –Endurance (aerobic) – long distance runners, cross country skiers –Mixed (aerobic & anaerobic) – soccer, ice hockey, basketball, track & field jumpers, short and middle distance runners and hurdlers –Power (mainly anaerobic) – weight lifters, wrestlers, boxers, track & field sprinters and throwers 7

8 1 st Mortality Study continued Study Results –Endurance – findings indicated significant longevity over the general population (.59) –Mixed – observed as surviving 4 years longer than the general population (.68) –Power – life expectancy is generally worse than the general population (1.02) Study Results –Endurance – findings indicated significant longevity over the general population (.59) –Mixed – observed as surviving 4 years longer than the general population (.68) –Power – life expectancy is generally worse than the general population (1.02) 8

9 1 st Mortality Study continued Study Explanations –Endurance and Mixed had lower CAD and Smoking risk than the Power athletes and the general population –Improved cardiovascular fitness is associated with a reduced risk of HTN, DM2 and CAD –Long term moderate intensity and maintenance type activities have better longevity than short duration, major intensity type activities –Power athletes tend to have higher BMIs, possible higher usage of anabolic steroids  Associated with CAD and liver dysfunction –Italian soccer players were found to have the same mortality as the national average, with considerably higher death rate from ALS. Potentially due to the use of dietary supplements or drugs taken to enhance performance (1.0) Study Explanations –Endurance and Mixed had lower CAD and Smoking risk than the Power athletes and the general population –Improved cardiovascular fitness is associated with a reduced risk of HTN, DM2 and CAD –Long term moderate intensity and maintenance type activities have better longevity than short duration, major intensity type activities –Power athletes tend to have higher BMIs, possible higher usage of anabolic steroids  Associated with CAD and liver dysfunction –Italian soccer players were found to have the same mortality as the national average, with considerably higher death rate from ALS. Potentially due to the use of dietary supplements or drugs taken to enhance performance (1.0) 9

10 2 nd Mortality Study A Proportional Mortality Study of the Acting Profession (American Journal of Medicine) 1985;8(1):57-66 Study conducted due to cancer links to hair dyes and cosmetics Death records from 1950 – 1978 (3,450) –For Males  Suicide (1.58)  Cirrhosis (1.99)  Cancers – Testes (2.37) –For Females  Suicide (2.02)  Lung Cancer (2.2) No cancers found related to hair dyes & cosmetics A Proportional Mortality Study of the Acting Profession (American Journal of Medicine) 1985;8(1):57-66 Study conducted due to cancer links to hair dyes and cosmetics Death records from 1950 – 1978 (3,450) –For Males  Suicide (1.58)  Cirrhosis (1.99)  Cancers – Testes (2.37) –For Females  Suicide (2.02)  Lung Cancer (2.2) No cancers found related to hair dyes & cosmetics 10

11 2 nd Mortality Study continued Study Takeaways –Stress issues, mental health concerns –ETOH –No mention of drugs –No mention of homicides or MVA deaths Study Takeaways –Stress issues, mental health concerns –ETOH –No mention of drugs –No mention of homicides or MVA deaths 11

12 3 rd Mortality Study Medical News Today – 7/8/2007 – Eating Disorders Among Fashion Models Rising Study in the UK –As many as 40% may have some kind of eating disorder –Most famous disorder – Anorexia –Most common disorder – Bulimia –Models consume water to hide weight loss Recommendations –Have workshops to identify eating disorders –Backstage environment should be drug and smoke free –Cannot participate in a fashion show if BMI is under 18.5 Medical News Today – 7/8/2007 – Eating Disorders Among Fashion Models Rising Study in the UK –As many as 40% may have some kind of eating disorder –Most famous disorder – Anorexia –Most common disorder – Bulimia –Models consume water to hide weight loss Recommendations –Have workshops to identify eating disorders –Backstage environment should be drug and smoke free –Cannot participate in a fashion show if BMI is under

13 Miscellaneous Studies World Class Athletes sleep on average 8.75 hours per night vs. average person’s 7.5 hours New Zealand rugby players have the same life expectancy as the general public –? Did not maintain high fitness levels after retirement –? Nature of the sport may have been a reason Danish athletes –Under age 50 – better mortality –Age 50 and over – same mortality as the general population –Explanation for findings were inconclusive World Class Athletes sleep on average 8.75 hours per night vs. average person’s 7.5 hours New Zealand rugby players have the same life expectancy as the general public –? Did not maintain high fitness levels after retirement –? Nature of the sport may have been a reason Danish athletes –Under age 50 – better mortality –Age 50 and over – same mortality as the general population –Explanation for findings were inconclusive 13

14 27 Club Article in Psychology Today published 7/23/2011 –Is there a 27 curse?  Amy Winehouse  Kurt Cobain  Janis Joplin  Jimi Hendrix  Jim Morrison –Admitted drug abuse –Avocation risks that the general population normally does not participate in –At this age, more established as a star Article in Psychology Today published 7/23/2011 –Is there a 27 curse?  Amy Winehouse  Kurt Cobain  Janis Joplin  Jimi Hendrix  Jim Morrison –Admitted drug abuse –Avocation risks that the general population normally does not participate in –At this age, more established as a star 14

15 Risk of Dying & Sporting Activities Article by the Bandolier Journal Compared the risk of death among sports activities –BASE Jumping (1 out of 2,317 jumps) –Swimming (1 out of 56,587) –Skydiving – US (1 out of 101,083) –Soccer (1 out of 103,187) –Running a marathon (1 out of 126,626) –American Football (1 out of 182,184) –Ping Pong (1 out of 250,597)! –Rock Climbing (1 out of 320,000 climbs) Article by the Bandolier Journal Compared the risk of death among sports activities –BASE Jumping (1 out of 2,317 jumps) –Swimming (1 out of 56,587) –Skydiving – US (1 out of 101,083) –Soccer (1 out of 103,187) –Running a marathon (1 out of 126,626) –American Football (1 out of 182,184) –Ping Pong (1 out of 250,597)! –Rock Climbing (1 out of 320,000 climbs) 15

16 Things to Consider Habits History –Drugs –ETOH Run ins with the law Sense of being Targeted Travel – obtain details –Humanitarian travel –Country of Origin –Frequent travel Avocations –Risk seeking behaviors Habits History –Drugs –ETOH Run ins with the law Sense of being Targeted Travel – obtain details –Humanitarian travel –Country of Origin –Frequent travel Avocations –Risk seeking behaviors 16

17 Things to Consider - continued Mental Health history/comments Finances –Contracts –Endorsements –? Bankruptcies Driving Record New Projects (Internet) Adjusting to Retirement/twilight of career –Socially and Financially Mental Health history/comments Finances –Contracts –Endorsements –? Bankruptcies Driving Record New Projects (Internet) Adjusting to Retirement/twilight of career –Socially and Financially 17

18 Underwriting Tools MVRs Criminal Records Check Internet Review –Lexus/Nexus, Westlaw –Google, Zillow 3 rd Party Financial/Business Information Prescription Database MVRs Criminal Records Check Internet Review –Lexus/Nexus, Westlaw –Google, Zillow 3 rd Party Financial/Business Information Prescription Database 18

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